Lost time, broken hopes and penalties for demanding refunds – Why “Imarat Development” clients are dissatisfied

“On April 21, 2025, I paid UZS 130.17 million as the first installment for a one-room apartment in the Tuzel project, then another UZS 3.59 million. I even paid the September installment. At the time, I was told the building site was 500 meters from the metro and that construction would start immediately. When rumors spread that no construction was taking place, I investigated. On July 7, I went to file for a refund, but their lawyer, Shukhrat, said no applications would be accepted. The contract set the penalty at 12 percent of the total UZS 224 million apartment price. I want a full refund since construction never even began,” she said.

Another customer, Daliboyeva, said she had also canceled her Sergeli City contract in May of this year. The company was supposed to refund her within one month, after deducting 10 percent, but four months have passed and she has received nothing.

“In February 2024, I signed a contract with Imarat Development. I made monthly payments, but then heard that the block I bought was not registered with the construction authority. On May 19 this year, I terminated the contract. They withheld 10 percent of the total sum, but promised to return the rest within a month. It has been four months, and I haven’t received a penny yet,” she said.

Malika Eshimova said her family purchased an apartment in the Bristol project under her husband’s name. After facing rude treatment at the site and finding discrepancies in location information, she decided to demand a full refund of the UZS 245 million already paid.

“We were told the Bristol site was one kilometer from the New Uzbekistan park, but it turned out to be 15 kilometers. During a site tour on August 23, when I tried to film for my husband, I was humiliated and prevented from recording. Later, they even posted my photo on their social media page. That’s why I want all my money back. They used my UZS 245 million, and now they want to deduct a penalty based on the apartment’s assessed value. How can anyone trust such a company?” she said.

Another client, Matyoqubov, said he paid more than UZS 210 million for a three-room apartment in the Sergeli City project, with a total price of UZS 602 million. However, he applied for a refund after learning that his block, A12, was being built without authorization from the construction authority.

Similarly, Mirzabek Khujayorov said he had been making payments for a Sergeli City apartment until May 2025, but stopped after inspection findings came to light.

To clarify the situation, Kun.uz interviewed “Imarat Development” head Marat Khamdamov. He spoke about his entry into the construction business, his projects so far, and the controversial penalty clauses.

“I first went to Moscow in 2005, when I was 15 or 16, and spent 14 years there, from studying and working ordinary jobs to becoming an entrepreneur. In 2019, I returned to Uzbekistan to start a business, opening a reinforced concrete factory. Later, we entered the construction market gradually, not as independent developers but as investors. Around 2,000 people have bought apartments in projects we’ve been involved in. The projects didn’t have specific brand names as we worked with multiple companies. We only started building our own brand in the past two years,” he said.

Khamdamov claimed that only about 8–10 clients, whose apartments were 90 percent complete, had penalties applied. Others who canceled contracts, he said, were receiving refunds in stages.

“Not everyone was fined. The penalty applied to those whose apartments were nearly finished but who brought unfounded claims. Our CRM system has tracked every client since day one. Those fined had overdue payments of over 10 months. Some had even asked to suspend payments, which we allowed. Later, after rumors spread, they wanted to cancel. In cases where apartments were 70 percent or more complete, we had no choice but to apply the penalty. Construction requires investment, and the developer also faces losses. Regarding refunds, contracts set timelines of one to six months. About 200 people canceled within one month, so a queue formed. We cannot pay everyone at once. So far, nearly UZS 10 billion has been refunded,” he said.

He also addressed the permit issues raised by clients.

“The Sergeli City project is not small. At the time, it was unique in Tashkent in scale. Construction was designed to proceed in stages, each with its own permits and cadastral documents. Some parts may not yet have permits, but overall, the company has all required approvals. We simply did not register unfinished sections with the inspectorate, as fees must be paid monthly. It would be unreasonable to pay years in advance for sections not yet under construction. And we have not sold apartments in those sections. All sold apartments have proper permits,” he explained.

The Competition Committee’s Tashkent regional office reviewed Matyoqubov’s case. On July 31, it ordered Imarat Development to fully refund the buyer’s payments.

PS: The report was prepared between September 19 and 25. On September 27, dissatisfied clients came to the Kun.uz newsroom, asking for the story not to be published. They said Khamdamov had met with them and promised refunds. Reportedly, a protocol was signed requiring clients not to damage the company’s reputation, with liability envisaged if violated.